Smallcap stock gains over 6% to hit 52-week high after firm receives govt compensation order; do you own?

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Shares of Indian Metals and Ferro Alloys Ltd gained over 6 per cent to hit its 52-week high-mark of 572 apiece on the BSE, as the leading ferro chrome producer received its final compensation order worth over 350 crore from the Coal Ministry on Wednesday, December 6. 

On Wednesday, shares of Indian Metals and Ferro Alloys Ltd opened at 539.00 and gained 6.12 per cent to hit its 52-week high-mark of 572, against a previous close of 528.65 on the BSE.

The company said it would receive 352.9 crore in compensation from the coal ministry for its subsidiary Utkal Coal Ltd. The compensation towards valuation of Mine Infrastructure is under progress, according to Indian Metals.

‘’Ministry of Coal, Government of India vide its Final Compensation Order dated December 5, 2023 has determined the valuation of compensation of free hold and lease hold land pertaining to Utkal ‘C’ Coal Mines at INR 3,52,89,70,761/- (Rupees three hundred fifty two crore eighty nine lakh seventy thousand seven hundred sixty one only) payable to Company’s subsidiary viz Utkal Coal Limited (UCL),” said Indian Metals and Ferro Alloys Ltd in a regulatory filing to the stock exchanges today.

 

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Published: 06 Dec 2023, 05:47 PM IST

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